Trident Group's ex-CFO booked for embezzlement

Tribune News Service

Ludhiana, June 16

The Trident Group Limited has reported a multi-crore fraud in which its former Chief Financial Officer (CFO) has been booked for allegedly embezzling funds from the company to his personal bank accounts, the company has said.

Rs 8-cr fraud

An internal audit conducted by Trident Group revealed that more than Rs 8 crore was transferred by the accused to his personal account through net banking in 185 transactions.

The accused worked in various companies of Trident Group for more than 34 years

The CFO had worked in various companies of Trident Group for more than 34 years.

In a statement issued here, the company said after an internal audit was done in the company, an amount of more than Rs 8 crore in a total of 185 transactions was found transferred to the personal account of the then CFO through net banking. “Though he was authorised only as maker of transactions, by fraudulently managing the one time passwords of account maintained with Dholewal bank branch on his mobile number, he fraudulently transferred money to his personal bank accounts and further remitted amounts to unknown destinations/ accounts,” it alleged.

Meanwhile, the role of other employees and various other accounts were being checked by the company. “There was a strong feeling amongst the management that the total amount of embezzlement would increase as more clues of frauds have come to the notice of the senior management of the company,” the company said, while adding that an FIR has been lodged in this connection.

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